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10 New Year's resolutions for your money

With a new year comes an opportunity to reflect and resolve to become better, happier, more responsible people.

The hard part is making changes that stick. One way to do this is to break down the big goals - like being smarter with your money - into smaller ones.

For your consideration, here's 10 tips that might help you get there.

(All images via Fotolia)

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Buy a coffee maker for your home/work

Coffee is also a diuretic for your wallet. A $4 per weekday latte habit adds up to $1,000 a year. Buy a machine, and you'll be drinking each cup of Joe for pennies. If you enjoy 'the ritual' of going out for a coffee at work, brew your coffee, pour into a travel mug and go for a short walk instead.

Related to this advice: bring a lunch from home instead of eating out at restaurants for lunch.

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Set aside a weekly pot

A popular way to limit how much cash you spend is to limit how much access you have to it. Give yourself a budget and withdraw the cash on Sunday and make your weekly purchases with this cash float.

A caveat, however, be sure to always carry your cards with you just in case emergencies arise.

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Set a real budget

The most common piece of financial advice you'll get is set a budget. That way you'll know how much you have to spend on each of your monthly expenditures, and you'll be sure to be spending less than you earn. It seems like a good idea, but how do you do it?

A pen and paper or computer software is a good start. However, if you're tech savvy, we recommend Mint.com. This secure service links to your bank and credit accounts allowing you to see where your money is going and set budgets. It can even send out warnings.

Also, the mobile app goes with you, so you can see your budget and expenses at a glance on your smartphone when you need to.

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Pay for quality

Make 2015 the year you stop buying flimsy stuff, or be prepared to buy the same poor quality crap again in 2016.

Consumer goods - clothes, electronics, furniture etc - are increasingly disposable as the quality goes down while prices seem to be staying the same or even decreasing.

Beat the race to the bottom by doing your homework on retailers and choosing to invest a little more in stuff that you need to last. If you have the cash to spare, spending $60 on a shirt that will last three years is a far better investment than one that will hold up for a few measly washes.

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Leave your car at home

Driving a car is a sure-fire way to help "exhaust" your financial resources. For most people in Canada, it's impractical to stop driving altogether, but you can limit your driving -- and potentially decrease your stress level -- by sometimes carpooling, taking transit, riding a bike or walking to work or on your regular errands. Just a thought.

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Save for the sake of it

Living paycheque by paycheque is sadly the reality for too many Canadians. And while some just can't get ahead for reasons beyond their control, others have the means to stash some cash away with a little knowhow and planning.

A good way to save it to have a dedicated amount - say $25 or $50 every payday if you're starting out small - get transferred from your chequing account to your savings. Then forget about it until you need it.

This is great for those yearly things you know are going to happen, but tend to sneak up on you - birthdays, Christmas, etc.

The government of Canada wants Canadians to save for the future with registered tax-free savings accounts, which are available at the major banks.

Adults in Canada can contribute up to $5,500 each year - and any income generated by the investment is tax free. Best of all, unlike a savings account, these transactions take time (online or at the teller) so you can't withdraw from it with your debit card on a whim.

The years will go by much more quickly than you think. Whether you're starting out in your career or coming up on middle age, it's time to think about, research and save for your golden years. To consider: Work pensions, RRSPs, investments, life insurance, your assets and liabilities and your lifestyle demands.

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Save for a special item or trip

You want something. It's expensive, and not 100% necessary. But -- even it's a vacation, a car, a new TV or computer - this thing has to be yours.

The responsible way to deal with it is to save up for it, even if you already have the savings or room on your credit card. This way you pay no interest, your savings aren't depleted, and because you've waited, you know you definitely want it.

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Ask for more money

This one requires guts. Think you're underpaid? Do some research into your salary and build a case for why you deserve more cash. Ask your boss for a performance review. But keep your expectations reasonable - that way you won't be disappointed.

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Talk to your spouse

If you are coupled, you can't have financial goals without including your partner. Frank, practical and frequent discussions about money - and spending habits - can be uncomfortable, but they're worth it at every stage of life. It's also a good idea to write or update a will.